Monthly Indicators A RESEARCH TOOL PROVIDED BY THE HILTON HEAD AREA ASSOCIATION OF REALTORS®
April 2011
Quick Facts
The final month of year-over-year comparison to last year's tax incentive market is upon us. It bears repeating that April 2010 enjoyed uniquely strong activity due to the approaching credit deadline. The fact that there is some positive news in the mix suggests that recovery is under way. Let's see how this pivotal month played out locally. New Listings in the Hilton Head region decreased 12.8 percent to 537. Pending Sales were down 6.5 percent to 261. Inventory levels shrank 16.9 percent to 3,141 units – a positive trend that should preserve market balance. Prices were up, which may reflect increased activity at higher price points and fewer distressed properties closing. The Median Sales Price increased 20.5 percent to $270,000. Days on Market increased 18.8 percent to 152 days. The supply-demand balance improved as Months Supply of Inventory was down 26.9 percent to 13.3 months. Nationally, the interest rate is 5.0 percent on a 30-year fixed conventional and the unemployment rate edged up to 9.0 percent in April, even as the economy added 244,000 jobs. Job seekers showed more confidence, a potential indicator of future housing demand. Moving forward, expect a different story to unfold in our market. We'll soon be comparing current activity to a post-credit slump that occurred during the summer and fall of 2010.
+ 7.1%
+ 20.5%
- 16.9%
Change in Closed Sales
Change in Median Sales Price
Change in Inventory
Market Overview New Listings Pending Sales Closed Sales Days On Market Until Sale Median Sales Price Average Sales Price Percent of List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory
2 3 4 5 6 7 8 9 10 11 12
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All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | 1
Market Overview Key market metrics for the current month and year-to-date figures.
Key Metrics
Historical Sparklines
New Listings 4-2008
4-2009
4-2010
4-2009
4-2010
4-2009
4-2010
4-2009
4-2010
4-2009
4-2010
4-2009
4-2010
4-2009
4-2010
4-2009
4-2010
4-2009
4-2010
4-2009
4-2010
2,006
- 11.2%
279
261
- 6.5%
926
1,089
+ 17.6%
252
270
+ 7.1%
793
855
+ 7.8%
128
152
+ 18.8%
135
146
+ 8.3%
$224,000
$270,000
+ 20.5%
$225,000
$223,500
- 0.7%
$352,849
$346,612
- 1.8%
$352,138
$321,542
- 8.7%
94.2%
93.8%
- 0.5%
94.0%
93.4%
- 0.6%
125
111
- 11.7%
125
130
+ 4.5%
3,781
3,141
- 16.9%
--
--
--
18.2
13.3
- 26.9%
--
--
--
4-2011
Months Supply of Homes for Sale 4-2008
2,260
4-2011
Inventory of Homes for Sale 4-2008
- 12.8%
4-2011
Housing Affordability Index 4-2008
537
4-2011
Percent of List Price Received 4-2008
616
4-2011
Average Sales Price 4-2008
+/–
4-2011
Median Sales Price 4-2008
YTD 2010 YTD 2011
4-2011
Days on Market Until Sale 4-2008
+/–
4-2011
Closed Sales 4-2008
4-2011
4-2011
Pending Sales 4-2008
4-2010
4-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 2
New Listings A count of the properties that have been newly listed on the market in a given month.
April
Year To Date 2,316
616
2009
2,260 2,006
537
518
+18.9%
-12.8%
2010
2011
2009
Prior Year
Current Year
+/–
May
440
481
+9.3%
June
531
515
-3.0%
Month
-2.4%
-11.2%
2010
2011
July
479
498
+4.0%
August
476
517
+8.6%
September
493
491
-0.4%
October
451
400
-11.3%
November
409
335
-18.1%
December
350
301
-14.0%
January
454
420
-7.5%
February
515
487
-5.4%
March
675
562
-16.7%
April
616
537
-12.8%
12-Month Avg
491
462
-5.9%
Historical New Listing Activity 800
700
600
500
400
300
200 1-2007
1-2008
1-2009
1-2010
1-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 3
Pending Sales A count of the properties on which contracts have been accepted in a given month.
April
Year To Date 279
1,089
261 926 199 651
2009
+40.2%
-6.5%
2010
2011
2009
Prior Year
Current Year
+/–
May
211
232
+10.0%
June
201
228
+13.4%
July
194
257
+32.5%
August
220
212
-3.6%
September
215
217
+0.9%
October
234
188
-19.7%
November
183
209
+14.2%
December
184
177
-3.8%
January
185
248
+34.1%
February
199
266
+33.7%
March
263
314
+19.4%
April
279
261
-6.5%
12-Month Avg
214
234
+9.4%
Month
+42.2%
+17.6%
2010
2011
Historical Pending Sales Activity 350
300
250
200
150
100
50 1-2007
1-2008
1-2009
1-2010
1-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 4
Closed Sales A count of the actual sales that have closed in a given month.
April
Year To Date 855
270
793
252
487
148
2009
+70.3%
+7.1%
2010
2011
2009
Prior Year
Current Year
+/–
May
187
212
+13.4%
June
210
261
+24.3%
July
198
220
+11.1%
August
204
215
+5.4%
September
193
221
+14.5%
October
231
162
-29.9%
November
214
182
-15.0%
December
218
220
+0.9%
January
172
183
+6.4%
February
156
176
+12.8%
Month
+62.8%
+7.8%
2010
2011
March
213
226
+6.1%
April
252
270
+7.1%
12-Month Avg
204
212
+4.8%
Historical Closed Sales Activity 300
250
200
150
100
50 1-2007
1-2008
1-2009
1-2010
1-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 5
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month.
April
Year To Date
Prior Year
Current Year
+/–
May
144
113
-21.2%
June
151
141
-6.5%
July
150
126
-16.5%
August
151
126
-16.9%
Month
152 135
128
2009
146
144
140
-8.7%
+18.8%
2010
2011
2009
-6.0%
+8.3%
2010
2011
September
162
121
-25.3%
October
153
144
-5.6%
November
157
141
-10.2%
December
138
136
-1.5%
January
131
133
+1.3%
February
145
156
+7.9%
March
140
143
+2.1%
April
128
152
+18.8%
12-Month Avg
152
145
-4.7%
Historical Days on Market Until Sale 165 155 145 135 125 115 105 95 1-2007
1-2008
1-2009
1-2010
1-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 6
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
April
Year To Date
$278,000
$270,000
$259,000 $225,000
$224,000
2009
-19.4%
+20.5%
2010
2011
2009
Prior Year
Current Year
+/–
May
$274,500
$237,090
-13.6%
June
$285,000
$240,000
-15.8%
July
$255,000
$275,145
+7.9%
August
$260,000
$214,000
-17.7%
September
$239,000
$218,393
-8.6%
October
$290,000
$240,000
-17.2%
November
$262,750
$228,750
-12.9%
December
$279,000
$250,000
-10.4%
January
$231,000
$250,000
+8.2%
February
$215,000
$188,200
-12.5%
March
$265,000
$210,000
-20.8%
April
$224,000
$270,000
+20.5%
12-Month Avg
$258,500
$233,832
-9.5%
Month
$223,500
-13.1%
-0.7%
2010
2011
Historical Median Sales Price $450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000 1-2007
1-2008
1-2009
1-2010
1-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 7
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month.
April
Year To Date $380,124 $352,138
$384,268 $352,849
2009
$321,542
$346,612
- 8.2%
- 1.8%
2010
2011
2009
Prior Year
Current Year
+/–
May
$368,133
$364,834
-0.9%
June
$386,044
$330,841
-14.3%
July
$361,904
$401,054
+10.8%
August
$467,169
$300,997
-35.6%
September
$344,085
$347,477
+1.0%
October
$394,110
$321,857
-18.3%
November
$361,187
$327,176
-9.4%
December
$375,862
$310,895
-17.3%
January
$329,121
$303,936
-7.7%
February
$395,687
$291,285
-26.4%
March
$338,453
$328,279
-3.0%
April
$352,849
$346,612
-1.8%
12-Month Avg
$372,752
$333,027
-10.7%
Month
- 7.4%
- 8.7%
2010
2011
Historical Average Sales Price $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 1-2007
1-2008
1-2009
1-2010
1-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 8
Percent of List Price Received Percentage found when dividing a property’s sales price by its last list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
April 93.1%
2009
Year To Date 94.2%
93.8%
+1.2%
-0.5%
2010
2011
93.1%
2009
94.0%
93.4%
+0.9%
-0.6%
2010
2011
Month
Prior Year
Current Year
+/–
May
92.9%
94.9%
+2.1%
June
93.5%
94.7%
+1.4%
July
93.3%
93.5%
+0.2%
August
93.9%
93.4%
-0.5%
September
93.3%
93.4%
+0.1%
October
93.7%
94.1%
+0.5%
November
93.0%
92.4%
-0.7%
December
93.2%
93.2%
+0.0%
January
93.5%
92.8%
-0.8%
February
94.3%
93.8%
-0.5%
March
93.8%
93.2%
-0.7%
April
94.2%
93.8%
-0.5%
12-Month Avg
93.5%
93.6%
+0.1%
Historical Percent of List Price Received 96%
95%
94%
93%
92%
91%
90% 1-2007
1-2008
1-2009
1-2010
1-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 9
Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
April
Year To Date 125
125 111
104
+20.8% 2009
2010
2011
130
110
-11.7%
+13.1% 2009
Prior Year
Current Year
+/–
May
101
119
+18.0%
June
98
121
+23.8%
July
108
109
+0.9%
August
109
138
+26.5%
September
118
136
+14.7%
October
100
126
+26.1%
November
111
132
+19.2%
December
101
120
+18.9%
January
122
117
-4.1%
February
130
149
+14.6%
March
108
136
+26.1%
April
125
111
-11.7%
12-Month Avg
111
126
+14.4%
Month
2010
+4.5% 2011
Historical Housing Affordability Index 160
140
120
100
80
60 1-2007
1-2008
1-2009
1-2010
1-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.
April 4,290 3,781 3,141
2009
-11.9%
-16.9%
2010
2011
Month
Prior Year
Current Year
+/–
May
4,186
3,790
-9.5%
June
4,179
3,812
-8.8%
July
4,110
3,766
-8.4%
August
4,034
3,757
-6.9%
September
3,885
3,736
-3.8%
October
3,747
3,622
-3.3%
November
3,654
3,462
-5.3%
December
3,404
3,159
-7.2%
January
3,400
3,077
-9.5%
February
3,518
3,072
-12.7%
March
3,711
3,092
-16.7%
April
3,781
3,141
-16.9%
12-Month Avg
3,801
3,457
-9.1%
Historical Inventory of Homes for Sale 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 1-2007
1-2008
1-2009
1-2010
1-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 11
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
April 26.9
18.2 13.3
2009
-32.3%
-26.9%
2010
2011
Month
Prior Year
Current Year
+/–
May
26.4
17.7
-32.8%
June
26.5
17.7
-33.3%
July
26.1
17.3
-33.7%
August
25.1
16.8
-32.9%
September
23.6
16.8
-28.7%
October
22.1
16.3
-26.6%
November
20.4
15.8
-22.5%
December
18.4
14.3
-22.4%
January
17.8
14.0
-21.6%
February
18.0
13.6
-24.5%
March
18.5
13.4
-27.9%
April
18.2
13.3
-26.9%
12-Month Avg
21.8
15.6
-28.4%
Historical Months Supply of Inventory 30
25
20
15
10
5
0 1-2007
1-2008
1-2009
1-2010
1-2011
All data from the Multiple Listing Service of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 12